On the evening of the 28th Beijing time, US stocks opened lower on Wednesday. Investors continue to keep an eye on earnings reports and await the key PCE inflation report to be released later this week. US GDP for the fourth quarter fell short of expectations. Bitcoin surpassed $60,000.
As of press release, the NASDAQ is down 0.58%, the S&P 500 is down 0.26%, and the Dow down 0.45%.
In terms of Wednesday's economic data, the revised quarterly quarter-on-quarter real GDP of the US for the fourth quarter rose by 3.2% compared to the same period last year. The forecast was 3.3%, compared to the previous value of 3.3%.
Affected by mortgage interest rates of more than 7%, demand for home purchases in the US last week was close to its lowest level since 1995.
As mortgage interest rates remained above 7%, an index measuring U.S. home purchase applications declined for the fifth week in a row, close to its lowest level since 1995.
For the week ending February 23, the American Mortgage Bankers Association (MBA) Purchase Index fell 4.5% to 127.6, the lowest level since October last year, when the index fell to its lowest level in nearly 30 years. Interest rates on 30-year fixed mortgages fell 2 basis points to 7.04%, hovering near the highest point since early December last year.
Mortgage interest rates were below 7% at the beginning of this year, boosting sales of new and existing homes in January. However, given strong economic growth, good job market conditions, and continued inflationary pressure, Federal Reserve officials said they are in no hurry to cut interest rates, which has boosted housing financing costs in recent weeks.
Interest rates rose at the fastest rate in four decades in 2022 and 2023 as the Federal Reserve tried to contain surging inflation.
Individual stocks in focus
Most Star Tech stocks declined, with Nvidia and Google falling more than 1%, and Apple, Microsoft, and Amazon falling slightly.
Popular Chinese securities generally fell, with Xiaopeng falling more than 7%, NIO and Baidu by more than 6%, Ideal by nearly 5%, JD by more than 3%, and Ali by more than 2%.
Digital currency concept stocks have collectively strengthened, with Bit Brother up more than 47%, MicroStrategy up nearly 7%, CleanSpark and Marathon Digital up nearly 6%, Coinbase up more than 4%, and Riot Platforms up nearly 3%.
In terms of individual stocks,$Baidu (BIDU.US)$It fell more than 6%, and Q4 net profit fell 48% year on year.
“Artificial meat giant”$Beyond Meat (BYND.US)$It surged more than 44%, and Q4 revenue exceeded expectations.
$Viking Therapeutics (VKTX.US)$With an increase of more than 14%, its test drug for obesity, VK2735, reached the main goal of the mid-term study.
$UnitedHealth (UNH.US)$It fell more than 4%, and the US Department of Justice allegedly launched an antitrust investigation against it.
$Vivani Medical (VANI.US)$It soared more than 357%, and its diet drug NPM-115 achieved a major breakthrough.
editor/tolk